The investment will be used for research and development using extremely fast charging technologies for future models * A critical milestone in StoreDot’s advanced battery commercialization and scale production
StoreDot, a developer of fast charging technologies for electric vehicles, entered into a strategic partnership with Polestar, following an investment in the all-electric premium performance brand in the Israeli start-up company.
As part of this new partnership and investment agreement, Polstar will explore the use of StoreDot’s fastest rechargeable batteries, for future Polstar cars. StoreDot is on track to start mass production of its ‘100 in5’ technology as early as 2024, and achieve a range of 100 miles in just five minutes of charging.
Thomas Inglath, CEO of Polestar “Charging anxiety and ranges are common concerns that prevent car owners with combustion engines from switching to an electric vehicle. StoreDot’s advanced battery technology may provide real solutions to these obstacles. If our current pilot projects with StoreDot are successful, we will be able to see these solutions implemented in Polestar cars by 2026, ”continues Thomas Inglaat.
Dr. Doron Myersdorf, CEO of StoreDot “We are excited to enter into an agreement with Polestar. Like us, Polstar is an ambitious brand that has already proven to be central to the mass adoption of electric vehicles, helping the global transition to a cleaner world without emissions. We look forward to working together and we know that our technologies will prove to be very beneficial, and will help eradicate the driving range of car drivers and charging anxieties. ”
The new financing comes as part of the StoreDot Series D investment round. Polstar joins an impressive list of the company’s global investors and partners, including Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and EVE Energy.
StoreDot is currently working with a number of global automakers to power the next generation of electric vehicles. It sends advanced ‘100in5’ cells to perform real-world tests.